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Question
Macroeconomics
Posted 3 months ago
Which of the following are characteristics of a scarce resource?
Choose 1 answer:
(A) There is limited supply of a resource with no demand for that resource
(B) The resource has unlimited supply and limited demand
(c) There is a demand for that resource with limited supply
(D) There is a fixed quantity of the resource available but no demand for it
(E) The resource is in demand, but there is no supply of it
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Answer from Sia
Posted 3 months ago
C
Key Concept
Scarcity
Explanation
Scarcity refers to the basic economic problem that arises because resources are limited while wants are unlimited. A scarce resource is characterized by having a demand with limited supply.

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